Calculate estimated total cash collections during october

Assignment Help Accounting Basics
Reference no: EM132042454

Problem - ABC Company has the following historical collection pattern for its credit sales:

65% collected in month of sale

20% collected in the first month after sale

8% collected in the second month after sale

5% collected in the third month after sale

2% uncollectible

Credit sales are for the last 6 months are as follows:

Jul $35,000

Aug 40,000

Sep 45,000

Oct 50,000

Nov 55,000

Dec 43,000

Calculate the estimated total cash collections during October.

Reference no: EM132042454

Questions Cloud

Create a user friendly guide : Create a user friendly guide, sort of an quick index to understanding commonly used expressions among high school students.
Calculate the direct-material price and quantity variances : Direct material: $195,350 ($10.50 per pound) Calculate the direct-material price and quantity variances, and the direct-labor rate and efficiency variances
Crucial for success in facilitated communication : Many of the interpersonal factors crucial for success in facilitated communication are known.
American academy of medical acupuncture : The American Academy of Medical Acupuncture What type of fallacy is this and why?
Calculate estimated total cash collections during october : ABC Company has the following historical collection pattern for its credit sales: 2% uncollectible. Calculate estimated total cash collections during October
How do the statistics presented in the article : How do the statistics presented in the article support the notion that race has been a defining issue in the Democratic primaries?
Explaining tests that disproved facilitated communication : One explanation why some researchers have failed to replicate these positive results could be that their tests are not valid.
Read the passage below carefully and then choose : Read the passage below carefully and then choose the correct answer.
What is the current value of the company stock : What is the current value of the company’s stock if the cost of equity is 12%?

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the financial management issue

In the appropriate Discussion Topic area, tie in a current business story from the business press with the assigned Unit(s) topic(s) Top-level summary.

  Overhead costs at year-end

Should any of the overhead costs at year-end be added to Job W? If so, how much? Explain.

  What was the net amount of receivables included

What was the net amount of receivables included in the current assets at the end of the year, before any provision was made for doubtful accounts?

  Acompany purchases 15000 of inventory from its suppliers

1. think about the transactions listed below.a. a company obtains a 10000 loan from a bank.b. a

  Prepare the entry to record the interest expense

(a) Prepare the entry to record the interest expense at April 1, 2015. Assume that interest payable was credited when the bonds were issued (round to nearest dollar).

  Prepare the journal entry for this given transaction

During January, Pete's sold watches costing the company a total of $ 63,000 to produce. Prepare the journal entry for this transaction

  With these facts please answer the followingswhat are the

with these facts please answer the followingswhat are the total assets for shiver ice house?what is ending retained

  Calculate the net rental income for each of the two years

Calculate the Net Rental Income for each of the two years 2015 and 2016 Also, determine John Johnson' UCC balances on January 01, 2017

  Prepare cogent arguments for and against david actions

Prepare cogent arguments for and against David Walker's actions as a government employee and later as a concerned citizen

  Prepare the necessary journal entries on the books

Please help prepare the necessary journal entries on the books of the partnership on December 31. journal entries on the books of partnership on December 31

  Wahr corporation bases its predetermined overhead rate on

wahr corporation bases its predetermined overhead rate on the estimated labor hours for the upcoming year. at the

  What is the amount that frederick should recognize

Two months later, Frederick sold the stock on February 15, for $7,500. What is the amount that Frederick should recognize as a gain on the sale of stock

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd